WMA: Bitcoin soars beyond $13,000 after PayPal endorses cryptos
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $394 billion.
- Bitcoin registers a new 2020 ATH at 13,217.
- Ethereum increases by more than 13% to climb above $400.
- XRP is up by 4.45% to trade above $0.25 again.
- PayPal announced that it would allow its customers to buy, sell, and store cryptocurrencies.
- OKEx customers still cannot make withdrawals.
Crypto Trends 19th-25th of October 2020: PERFORMANCE & ANALYSIS
The cryptocurrency market just experienced one of its most productive weeks of 2020. After several weeks of going back and forth, the market managed to gain more than $40 billion in market capitalization compared to last week. Bitcoin and most of the altcoins registered value boosts, and everyone is expecting spectacular bullish spikes by the end of the fourth quarter.
As the week rolled on, Bitcoin continued its steady ascent that it had started almost two weeks ago. However, its value went through the roof when PayPal announced on Wednesday that it would allow its customers to hold, buy, and sell cryptocurrencies with fiat currency. In just a few hours, the BTC price was up by 1,000.
PayPal is the largest processor of online payments, and most of the banks in the world accept PayPal transfers. Its endorsement of cryptocurrencies opens an entire world of financial possibilities and increases the crypto industry’s credibility. Additionally, it pushes the major central banks in the world to accelerate their CBDC programs.
In the next few weeks, US PayPal users should be able to store cryptocurrencies in their wallets. Users from the rest of the world will have to wait until 2021.
Bitcoin took the PayPal news and ran with it, reaching an all-time high (ATH) for 2020 at over $13,000. At the moment, Bitcoin is trading around $12,990, and the investors are hopeful that the crypto will continue to push back above $13,000 into the next week.
Ethereum followed in Bitcoin’s footsteps and traded in green to earn more than 13% on its value compared to last week. It is now trading at around $410 and looking to push back beyond the next level of resistance at 421.
Ripple’s XRP registered a shy increase in its value of only 4.45% throughout the week. Looking forward, the nearest level of resistance is at $0.261, and the closest support lies at $0.25. XRP is trading at $0.252 and hoping to follow the market’s bullish trend.
Elsewhere, the DeFi market continues its positive trend as it closes the week with $12.41 billion in locked value protocols.
What’s in the News?
- According to this Bloomberg report, PayPal is looking to purchase BitGo, a leading Bitcoin custodian.
- The United States Financial Crimes Enforcement Network (FinCEN) issued a $60 million civil penalty against Larry Dean Harmon, the mastermind behind the Lightning Network Wallet Dropbit, Coin Ninja, and Helix.
Next Week’s Market Forecast
The cryptocurrency market is facing the last week of a sensational October full of positive news for the industry. Consecutive endorsements from Square and PayPal put the crypto world in the spotlight as one of the few markets flying high and mighty in one of the worst years of the 21st-century so far.
Bitcoin is looking to surpass its ATH by the end of 2020 and to trade above $20,000. The most popular digital asset in the world is less and less correlated to equity and precious metals markets, and that should help it hold on to its gains more thoroughly. Upcoming events such as the US Presidential Elections and the increase of COVID-related restrictions worldwide should impact the BTC trajectory and the market’s sustainability.